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All provisions of IR Act from April 1
All the provisions of the new Inland Revenue Act which was recently passed in parliament will be implemented from April 1, 2018, a Finance Ministry statement said.
The government had earlier planned to charge capital gains tax, withholding tax and PAYE tax under the new Inland Revenue Act from October 1, 2017 and income tax from April 1, 2018.
The Finance Ministry today said due to difficulties in maintaining two types of accounts in a single financial year, it has decided to implement all the provisions of the new tax law from April 1, 2018.
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